The main events for the coming week are a the PMI releases, on Monday, the meeting of the governing council of the ECB and (among others) the Spanish sovereign bond auction on Wednesday. The PMI’s will give analysts an insight into the performance of the economy, separate from GDP estimates and the ECB council is set to provide insights about the out of the intervention of the ECB. No MRO rate change is expected. The Spanish bond auction will be a crucial event for sovereign bond markets. It will follow two relatively unsuccessful bill auctions (here and here) and will provide an insight into the fiscal stability of Spain, in particular, and the periphery in general.

Find below the sovereign debt auctions scheduled to take place this week: